Nick Oakley

Castle Trust provides £13m to refinance PD conversion

Castle Trust has refinanced a recently completed permitted development conversion in Peterborough to the tune of £13.2m.

Known as Touthill Place, the scheme was an office-to-residential conversion comprising 115 apartments, office space and a gym.

Castle Trust was introduced by Brightstar Financial, which worked with the lender to agree a solution to manage short-term cash flow mismatches as lettings built up to full occupancy.

Nick Oakley, director of structured finance at Castle Trust (pictured above), said: “It is less than a year since Castle Trust formed its structured finance division and I’ve been delighted by the flow of quality transactions we have been able to generate.

“This was a high-calibre scheme from a quality developer, utilising permitted development rights, with the completed units demonstrating strong tenant demand.

“It was a great introduction from Brightstar and our close working relationship really helped to get the deal across the line.”

The deal follows news that office-to-residential conversions had dropped by almost one-fifth in 2015/16.

Rob Jupp, chief executive officer at Brightstar Financial, said: “Deals of this type are rarely straightforward, but Castle Trust took a creative and flexible approach that met our client’s requirements.

“We are really pleased we were able to work together with Castle Trust’s structured finance team, and we are looking forward to many more collaborations in the future.”

Sign up to our newsletter to receive more news like this story

I accept that by joining the DFT mailing list, I will receive relevant news and promotional material via DFT on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.

Leave a comment